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Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 42,900, ending inventory of 5,000 units 10% complete as to conversion costs.    Manufacturing costs: Beginning inventory costs, comprised of $20,000 of materials and $43,180 of conversion costs; materials costs added in Polishing during the month, $175,800; labor and overhead applied in polishing during the month, $125,680 and $257,140, respectively.   Determine the costs to be assigned to the units transferred out and in process.

Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 42,900, ending inventory of 5,000 units 10% complete as to conversion costs.    Manufacturing costs: Beginning inventory costs, comprised of $20,000 of materials and $43,180 of conversion costs; materials costs added in Polishing during the month, $175,800; labor and overhead applied in polishing during the month, $125,680 and $257,140, respectively.   Determine the costs to be assigned to the units transferred out and in process.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2EB: There were 2.000 units in beginning inventory that were 70% complete with regard to conversion....
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Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 42,900, ending inventory of 5,000 units 10% complete as to conversion costs. 

 

Manufacturing costs: Beginning inventory costs, comprised of $20,000 of materials and $43,180 of conversion costs; materials costs added in Polishing during the month, $175,800; labor and overhead applied in polishing during the month, $125,680 and $257,140, respectively.

 

  1. Determine the costs to be assigned to the units transferred out and in process.

 

 

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